How is digital transforming your industry?
Many industries are embracing digital transformation to continue meeting customer expectations. According to the Gartner 2019 CIO Agenda Industry Insights report, 56…
Many industries are embracing digital transformation to continue meeting customer expectations. According to the Gartner 2019 CIO Agenda Industry Insights report, 56 per cent of respondents found that digital improvements have already improved overall profits for the organisation. Organisations that refuse to adapt are getting left behind. Find out how digital is transforming your industry.
The finance world has fully adopted digital, with mobile payments and online chatbots everywhere you look. Banks are opting for paperless billing and automated invoicing, and many branches have seen a considerable reduction in the number of employees as consumers choose mobile banking instead. Consumers have financial management at their fingertips thanks to digital transformation.
Research suggests that many pharmaceutical companies are unsure of how to use a digital strategy within their customer journey. However, there has been a recent shift to utilising ‘Internet of Things’ within the health and pharmaceutical industries. For example, smart tags are being used to monitor temperature, and many medical practices are using electronic health records stored online. Hugely popular with consumers are wearable devices, which gives people access to real-time monitoring straight from their mobile phones.
The education industry has seen drastic changes with digital transformation. Modern classrooms are making use of mobile applications and virtual classrooms. Students all around the world can access education, even if they cannot physically be in the classroom. Students have increased flexibility with access to self-taught lessons online on their computers or tablet devices. However, many internal processes are yet to be automated and are still paper-based.
The manufacturing industry has been quick to embrace digitisation as it allows them to move towards a more customised production approach. Warehouses are now packed with robots and sensors to enhance efficiency and reduce costs through automation. Increased monitoring allows companies to track quality, performance, and potential breakdowns during production.
The legal industry lacks behind other industries in digital transformation. As a result, firms that have digitised have seen greater market share. There is increasing uptake of cloud computing and automated workflows within the industry. Furthermore, mobility is a significant form of digitisation within the legal sector, with most people using mobile devices to track billable hours, video conference, and prepare for cases on the go. Machine learning is also coming into effect, saving hours of research looking through reports and client history.
Successful digitisation is necessary to meet the changing expectations of customers, and to drive efficiency and innovation within the organisation. Many industries are being disrupted by digital transformation, and early movers see competitive advantages.